Company registration number 11993973 (England and Wales)
MARKFIELD PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
MARKFIELD PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
MARKFIELD PROPERTIES LTD
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
1,113,747
923,747
Creditors: amounts falling due within one year
3
(1,148,690)
(948,704)
Net current liabilities
(34,943)
(24,957)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(34,944)
(24,958)
Total equity
(34,943)
(24,957)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 19 February 2024
Mr J Marks
Director
Company Registration No. 11993973
MARKFIELD PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

Markfield Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3a Chestnut House, Farm Close, Shenley, Radlett, England, WD7 9AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company continues to receive financial support from the truedirector. Therefore, the director considers it appropriate to prepare these financial statements on a going concern basis

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MARKFIELD PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,148,690
948,704
2023-05-312022-06-01false19 February 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr J Marks119939732022-06-012023-05-31119939732023-05-31119939732022-05-3111993973core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3111993973core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3111993973core:ShareCapital2023-05-3111993973core:ShareCapital2022-05-3111993973core:RetainedEarningsAccumulatedLosses2023-05-3111993973core:RetainedEarningsAccumulatedLosses2022-05-3111993973bus:Director12022-06-012023-05-31119939732021-06-012022-05-3111993973core:CurrentFinancialInstruments2023-05-3111993973core:CurrentFinancialInstruments2022-05-3111993973bus:PrivateLimitedCompanyLtd2022-06-012023-05-3111993973bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3111993973bus:FRS1022022-06-012023-05-3111993973bus:AuditExemptWithAccountantsReport2022-06-012023-05-3111993973bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP